Virtual data rooms (VDRs), which are secure storage spaces for confidential documents, often come to mind when a business has to store them. They are used in many industries for due diligence during M&A divestiture, acquisition or capital raising.
By ensuring that everyone is on the same page and keeping the process moving forward, using the right tool to perform due diligence can help you save time and money. Simple file sharing tools are great for simple uses, but sharing intellectual property or privileged information in a deal requires a sophisticated solution that has advanced features, security, and control.
Take note of how the VDR will work with other programs you use. For instance, a good VDR platform allows you to link tasks in Asana with documents stored in the VDR so you can see an entire picture of the project without having to switch between different applications.
A complete audit trail is another important feature that you should think about. It allows you to determine who has accessed and modified the files in your VDR. This is especially crucial for sectors that are controlled, such as finance or healthcare, where unauthorized access could result in serious consequences.
In the end the VDR should provide flexible subscription plans that can meet the needs of any business. When you have to start, stop & extend projects at will, or simply upgrade to more storage space, the top VDRs offer flexibility and security that your business’s requirements will always be satisfied.